We’ve got plenty of great finance tips on this site, but here’s five that you may not have thought of for your first home
- Start budgeting – To help get a handle on your expenses now, and perhaps weed out unnecessary expenses to help you reach your down payment or mortgage payment goals, you should build a comprehensive budget to help you determine where youâ€š’re spending money.
- Start Saving – the larger your down payment on your new home, the more likely you’ll get a better interest rate and lower monthly payments. Ultimately, saving money now will save you huge amounts down the road on interest payments.
- Increase your Income – you may require a little more dough in your pockets to get your dream home. To do this you may want to consider taking on a part-time job to help get your income to the level it needs to be. If anything, you can add this extra money to your down-payment.
- Hold Down A Job – Lenders look for a steady job history when determining a mortgage amount, so if possible, try not to start a new job soon before applying for your loan.
- Mortgage Shop all at Once – If you spread out your mortgage inquiries over a long period of time, they all count as credit inquiries, however if you do them all with in a short period of time, they usually only count as one.